AP7 blacklists coal and phosphate companies (IPE)

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Sweden’s AP7 has added two new companies to its investment blacklist and removed six more after the end of its standard five-year exclusion period.

Bharat Heavy Electricals and NTPC were excluded from the SEK430bn (€41.6bn) pension fund’s investment universe for violating environmental standards through the construction of a coal-fired power plant near a world heritage classified national park.

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Bharat Heavy Electricals has been criticised for its plans to build the plant near the Sundarban mangrove forest – which straddles the India-Bangladesh border – for a joint venture between NTPC and Bangladesh Power Development Board.

In addition, two companies already on AP7’s exclusion list – Agrium and Potash – have merged into a new company, Nutrien, which has subsequently been added to the blacklist.

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